1349 Boston Rd, Springfield, MA 01129
- Retail properties & Spaces
- 9,000 SF
- 2.52 lot acres
Current Use by Public Records
- Applebee's Grill + Bar / Restaurant
Property Details for 1349 Boston Rd
- Lot size
- 2.52 lot acres
- Property type
- Retail properties & Spaces
- Property subtype
- Restaurants
Description
This exceptional investment opportunity presents a triple-net (NNN) leased retail portfolio in Springfield, Massachusetts, boasting a strong 6.97% cap rate and a substantial net operating income (NOI) of $278,045. The property encompasses a total of 9,000 square feet across two buildings situated on a 2.52-acre lot zoned for Business A use. The portfolio comprises three distinct tenants: M&T Bank, Applebee's, and Verizon Wireless, all under corporate guarantees, ensuring stable and predictable income streams. The property enjoys 100% occupancy. M&T Bank occupies a 3,116 square foot building constructed in 2006 and recently renovated. The 4,884 square foot Applebee's restaurant was built in 2007. A Verizon Wireless cell tower is also located on the property. This prime location on Boston Road in Springfield benefits from high traffic volume, exceeding 23,000 vehicles daily. The property includes three ground leases and was renovated in 2004. The asking price for this lucrative investment is $3,990,000. This represents a compelling opportunity for investors seeking a stable, high-yield, and diversified retail portfolio in a desirable location.
Value Estimations
-
AI approach
-
CAP approach
-
Comparable approach
-
Alternative Use
Location Insight
- Map
- Local Demand
- City
- Springfield
- County
- Hampden
- State
- Massachusetts
- Longitude
- -72.4984
- Latitude
- 42.1405
